Brandman Retail IPO Sees Heavy Demand — What Strong Subscription and GMP Trends Are Signalling

Brandman Retail IPO draws massive demand as 78x subscription and rising GMP spark curiosity

Brandman Retail’s SME initial public offering (IPO) has caught Dalal Street’s attention after being subscribed over 78 times, reflecting strong investor appetite for small and mid-sized consumer-facing businesses. The issue, which is entirely a fresh issue of shares, has seen robust participation across retail, high-net-worth and institutional categories.

The ₹86.09-crore book-built issue closed on February 6, 2026, after opening on February 4. With demand far exceeding shares on offer and grey market premiums (GMP) trending higher, the IPO has emerged as one of the closely watched SME offerings this month.

For investors and traders, the key question now is whether strong subscription and GMP translate into sustainable listing gains or short-term euphoria.

Brandman Retail IPO Key Highlights

Brandman Retail IPO opened for subscription on February 4, 2026, and closes on February 6, 2026. The IPO is scheduled to list on the NSE SME platform with a tentative listing date of February 11, 2026.

The company aims to raise funds through a fresh issue of 48.91 lakh shares, aggregating to ₹86.09 crore at the upper price band.

• Issue Type: Bookbuilding IPO

• Exchange: NSE SME

• Face Value: ₹10 per share

• Issue Size: ₹86.09 crore

• Fresh Issue: 0.49 crore shares

Brandman Retail IPO Dates (Tentative)

Strong subscription across categories signals broad-based interest

Subscription data as of the final day shows heavy oversubscription across investor classes.

• Total subscription: 78.04 times

• Retail investors: 63.78 times

• QIBs (excluding anchor): 49.58 times

• NIIs: 149.01 times

The non-institutional investor (NII) segment, often seen as a proxy for aggressive capital, led the demand. Such high multiples indicate strong bidding intensity relative to available shares.

Market participants say that in SME IPOs, strong NII and retail demand can create listing-day momentum, though it also raises the risk of volatility after debut.

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IPO structure and pricing position it as a high-ticket SME bet

Brandman Retail IPO is priced in a band of ₹167–₹176 per share, with the issue price at the upper end. The lot size is 800 shares, and retail investors had to apply for a minimum of two lots (1,600 shares), translating to an investment of about ₹2.81 lakh.

Key details include:

• Issue size: 48.91 lakh shares (₹86.09 crore)

• Fresh issue only: No offer for sale

• Listing platform: NSE SME

• Lead manager: Gretex Corporate Services

• Registrar: Bigshare Services

Since the issue is fully fresh capital, proceeds will go to the company, which investors often view more positively than promoter exits.

Brandman Retail IPO Price Band & Lot Size

The price band for Brandman Retail IPO is fixed at ₹167 to ₹176 per share. Investors must bid in lots of 800 shares.

Investment Requirements

Grey market signals point to upbeat listing expectations

Grey market activity has remained firm into the close of the issue. The latest GMP is around ₹40, implying an estimated listing price near ₹216, or roughly 22–23% above the issue price.

Day-wise trends show GMP rising from low double digits earlier in the week to current levels. However, seasoned investors note that GMP is unofficial and can change quickly depending on market conditions and final allotment patterns.

The latest GMP stands at ₹40, indicating positive sentiment in the unofficial market.

• Cap Price: ₹176

• Estimated Listing Price: ₹216

• Estimated Gain: 22.73% per share

• GMP Range So Far: ₹0 – ₹40

Date	GMP	Est. Listing Price
Feb 6	₹40	₹216
Feb 5	₹26	₹202
Feb 4	₹24	₹200
Feb 3	₹12	₹188

Financial metrics show improving margins but moderating ratios

Brandman Retail’s disclosed key performance indicators suggest operational improvement, though some return ratios have moderated compared to the previous year.

As of December 2025:

• ROE: 43.69%

• ROCE: 36.92%

• Debt/Equity: 0.26

• PAT margin: 20.64%

• EBITDA margin: 28.35%

• Price-to-book: 7.53

Margins have improved, which may indicate better cost control or operating leverage. At the same time, lower ROE and ROCE versus earlier periods suggest normalization after a high-growth phase.

Analysts typically advise that SME investors weigh sustainability of margins alongside growth plans.

Lead Managers & Registrar

• Book Running Lead Manager: Gretex Corporate Services Ltd.

• Registrar: Bigshare Services Pvt. Ltd.

• Market Makers:

  • Gretex Share Broking Pvt. Ltd.

  • Shree Bahubali Stock Broking Ltd.

Here’s what happened today and why traders reacted

On the final day of bidding, strong subscription numbers and rising GMP kept the IPO in active discussion among traders. The data reinforced the perception of high demand relative to supply.

Traders reacted to:

• Heavy oversubscription, especially in NII and retail

• Rising grey market premium

• Limited float typical of SME issues

• Recent trend of strong SME listings

Such factors often attract short-term listing-focused strategies, though they can also lead to sharp post-listing swings.

Allotment and listing timeline keeps investors focused

The IPO allotment is expected to be finalised on February 9, with refunds and credit of shares on February 10. The tentative listing date is February 11 on NSE SME.

Investors who applied can check allotment status through the registrar, Bigshare Services, using PAN, application number or demat details. The basis of allotment document will show how shares are distributed across categories and the ratio for allotment.

Given the high subscription, many applicants may receive either partial or no allotment.

What this means for investors weighing risk and reward

For investors, Brandman Retail IPO represents a typical SME trade-off: potential for sharp listing gains but higher volatility and lower liquidity compared to mainboard stocks.

Key takeaways:

• Strong demand reflects current risk appetite in SME space

• GMP suggests positive debut, not a guarantee

• High ticket size suits higher-risk investors

• SME stocks can be volatile post listing

Long-term performance will depend less on subscription multiples and more on business execution, scalability and profitability.

In the coming days, listing-day volumes and price behaviour will be closely watched. For now, Brandman Retail’s IPO has demonstrated that appetite for niche consumer and retail plays remains alive in India’s primary market — but as always, enthusiasm and discipline need to go hand in hand for investors.

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